BRINGING LEVULINIC ACID TO THE MARKET MARCEL VAN BERKEL MONTREAL, JULY 2015

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1 BRINGING LEVULINIC ACID TO THE MARKET MARCEL VAN BERKEL MONTREAL, JULY 2015

2 Content Company Levulinic acid Technology Market

3 First company to produce levulinic acid directly from biomass at commercial scale Proprietary technology portfolio Access to existing commercial production assets Experience in chemical production and business development

4 cost effective, cleaner, safer We make sustainable Chemicals and Fuels BIOMASS TECHNOLOGY PRODUCTS MARKETS Char is our energy source! STRAW / WOOD / CELLULOSIC WASTE THERMOCHEMICAL CONVERSION LEVULINIC ACID FORMIC ACID CHEMICALS AND FUELS

5 Proprietary technology platform based on chemical conversion of cellulosic biomass CELLULOSIC BIOMASS PRE-TREATMENT GFB REACTOR TECHNOLOGY Favorable scale-up economics CHAR CHAR SEPARATION COOLING High and robust operational reliability WATER REMOVAL GFB PURIFICATION TECHNOLOGY Tested on large scale in Caserta WASTE WATER TREATMENT PLANT LEVULINIC ACID FORMIC ACID Continue R&D investment to maintain leadership and assure future growth

6 Focused and dedicated to market levulinic acid since FOUNDATION Mission: Technology development revolution in chemicals and biofuels! 2014 ASSOCIATION Key personnel from global leaders join GFBiochemicals to further develop demonstrated breakthrough technologies! 2016 PROCESS Cellulosic biomass feedstock! Capacity 4,500 MT 2009 FACILITY Lease Caserta plant to demo breakthrough technologies! 2015 PRODUCTION Commercial production of levulinic acid July 2015! using corn-based feedstock.!! Capacity 2,000 MT 2017 CAPACITY Capacity increases to! 10,000 MT Capacity 10,000 MT

7 GFBiochemicals determined strategy Produce and commercialize cellulosic levulinic acid Replace petro-based formic acid for food industry, de-icing, leather tanning, etc. Develop, produce and commercialize levulinic acid derivatives Expand in new applications. Organic growth by build and operate production facilities around the world Main office in Milan, Italy Production/innovation platform in Caserta, Italy R&D and Marketing & Sales on the Brightlands Chemelot campus, Geleen, The Netherlands

8 Levulinic acid: a recognized versatile platform molecule. Esters Ketals Salts DALA DPA LEVULINIC ACID MeTHF GVL 1,4-PeDO MEK/MVK Oligomers Nylon replace oil-based chemicals and fuels

9 Clear benefits to use levulinic acid in Coatings Levulinic acid and derivatives can be used in many different coating systems (e.g. as cross-linker, solvent) leading to important improvements for a.o.: Polyurethane resins Polyester resins Waterborne-polyurethane resins Value proposition: Increase abrasion resistance Increase hydrolytic stability Decrease VOC Enable ambient curing

10 Levulinic acid and/or derivatives improve properties of biopolymers Elongation at break of PHB can be improved via building in 3HV (and 4HV) Improves the yield and the utilization efficiency during PHB production PHB Combination of LA with glucose improves yield Co-polymerized gamma-valerolactone enantiomer with the dimer of lactic acid to improve the properties of PLA PLA

11 MeTHF has high solvency potential and usage in fuel segment MeTHF Promising solvent in environmentally benign strategies: Low miscibility with water Outperform THF in lower recycle costs cleaner phase separations, improved yields of addition product Biobased origin and abiotical degradability High stability towards acid, base and ether solvents MeTHF can replace black-listed solvents, such as THF, toluene and highly regulated chlorinated solvents Promising renewable bio-fuel: Used in combustion engines without adverse effects on engine on performances in blends up to 60% (v/v) with gasoline Lower heating value, but higher specific density, which gives similar mileage to that of gasoline. P-series fuels which are approved by the US DOE for use in gasoline vehicles.

12 MAKING LEVULINIC ACID HAPPEN